US EditionBorrowers Turn to App-Based Lending as Traditional Credit Tightens
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Borrowers Turn to App-Based Lending as Traditional Credit Tightens
Americans still need to borrow money, but they are having a harder time getting it. Lenders are being more cautious in their approval process and tightening their credit standards. The rising interest rates have significantly increased the cost of borrowing, making it harder for consumers to afford loan repayments. The Federal Reserve Bank of New York found in its latest Survey of Consumer Expectations (SCE) Credit Access Survey that rejection r…
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